March 10, 2017 / 10:49 PM / 9 months ago

LIVESTOCK-Cattle extend gains on higher beef prices, lower corn

    By Michael Hirtzer
    CHICAGO, March 10 (Reuters) - U.S. cattle futures rose about
1 percent on Friday, with feeder cattle        extending gains
to the third straight session as wholesale beef prices rose and
corn prices fell.
    Higher prices for meat and lower prices for animal feed
boost profits in the cattle sector. Greening pastures also
increased demand for lighter-weight cattle for grazing, which
contributed to gains in feeder cattle.
    Chicago Mercantile Exchange April feeder cattle futures
       settled 2.050 cents higher at 126.675 cents per pound,
the highest levels in about 1-1/2 months.
    CME April live cattle futures        were up 1.110 cents to
a one-week high of 117.600 cents. 
    Investors also continued to roll cattle positions out of
April contracts and into deferred months such as June live
cattle        and May feeders       , in the fourth day of a
five-roll roll.
    It was unknown what impact wildfires might have on livestock
markets. Fires swept through parts of Kansas, Oklahoma and
Texas, burning nearly 2 million acres and killing hundreds of
cattle and thousands of hogs.             
    The U.S. Department of Agriculture after the close of
futures trading said choice-grade wholesale beef jumped $4.27 to
$219.83 per cwt. Wholesale pork prices were up 13 cents to
$81.88 per cwt.                    
    CME lean hog futures        were narrowly mixed in
rangebound trade. CME April hogs        were up 0.100 cent to
68.175 cents per pound while June hog futures        eased 0.025
cent to 76.900 cents.
    Average cash hog prices were down 82 cents to $66.92 in the
top market of Iowa and southern Minnesota, USDA said.         

 (Reporting by Michael Hirtzer in Chicago; Editing by David

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